Cryptocurrency deposit insurance fails

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Dollar deposits on binance. Us now have fdic insurance.

Darkcoin price falls. To date, there are not many insurance companies that are ready to deal with damages in the cryptocurrency market.

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Inchains cryptocurrency deposit insurance fails to launch posted on december 16, 2016 by bok this entry was posted in other news and tagged crowdfunding , decentralisation , insurance. In the meantime, another blockchain-based insurance project was recently announced to be launching by mitsui sumitomo insurance, one of the largest insurance companies in japan.

Inchain, a decentralized insurance platform based on ethereum smart contracts, has announced the closure. Us the united states-focused wing of major cryptocurrency exchange binance announced that its customers dollar deposits are eligible for federal deposit insurance corporation (fdic) insurance coverage.

These accounts allow pass through fdic insurance of 250,000 per individual. Users us dollar deposits are held in pooled custodial accounts at fdic insured banks.

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Prior to the introduction of deposit insurance in 1933, depositors were taking a risk when they turned over their savings to a bank (thousands of banks failed during the great depression, for.). Fdic insurance provides coverage on funds held in the custodial accounts should the fdic bank fail.

Us announced that its customers dollar deposits are now eligible for fdic insurance coverage. Blockchain companies struggle to get on the insurance market.